Private mortgage insurance typically costs between 0.5% to 1% of the entire loan amount on an annual basis. On a $100,000 loan this means the homeowner could be paying as much as $1,000 a year, or $83.33 per month – assuming a 1% PMI fee.
You will want to calculate the total cost of the PMI you will spend. Your mortgage lender can get that amount for you. Then, compare that dollar amount to the cost of the appliances. That will give you a better picture of which way will be most advantageous.
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